ACME Solar Secures ₹1,571 Crore Funding From IIFCL for 300 MW Peak Power Project in Rajasthan
ACME Solar Holdings Ltd has secured ₹1,571 crore in long-term project funding from India Infrastructure Finance Company Ltd (IIFCL) for the construction and development of a 300 MW assured peak power project in Rajasthan, being developed by its subsidiary ACME Renewtech Sixth. The funding takes ACME Solar's overall financing secured during the current fiscal year to ₹10,976 crore.
The financing marks IIFCL's first sole greenfield financing arrangement for ACME Solar, with IIFCL acting as the sole lender for the project and a repayment tenor of 19 years.
The project combines solar generation with a 1,350 MWh Battery Energy Storage System (BESS) to meet supply obligations under a 25-year Power Purchase Agreement (PPA) already executed with SECI Limited at a tariff of ₹6.28 per unit. The hybrid configuration is designed to ensure higher predictability and dispatchability of power supply.
The project entails a total capital expenditure of ₹2,123 crore and forms part of ACME Solar's broader battery-storage capital deployment programme for the current financial year. Execution is at an advanced stage, with grid connectivity already operational, the pooling substation and dedicated transmission line in advanced stages of completion, and land for the site substantially secured.
The project is being developed entirely within Rajasthan, in line with ACME Solar's other assured peak power projects, reinforcing the state's role as a hub for the company's hybrid renewable energy capacity.